Tata Steel gains on winning fresh contract

The company won a major contract to supply more than 57 kilometres of rail for London's Crossrail project

Shares of one of the world's pioneering steel companies, Tata Steel have gained over 1% to Rs 380 on the BSE in an otherwise subdued market after it won a major contract to supply more than 57 kilometres of rail for London’s Crossrail project.

It signed a contract to supply 7,000 tonnes of wear-resistant rail for the Crossrail project beneath the heart of the city.

Stating that it has already commenced deliveries, Tata Steel added a total of 7,000 tonnes of rail will be used to create one of Europe’s largest railway and infrastructure projects.”

The Crossrail route will serve 40 stations and travel more than 100 km from Reading and Heathrow in the west through new twin-bore 21 km tunnels below central London to Shenfield and Abbey Wood in the east.

The stock opened at Rs 377 and touched a high of Rs 382 on the BSE. A total of 202,581 shares changed hands on the BSE so far.